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Nets to support Sbanken’s open banking across Nordics and Europe

Norwegian bank Sbanken has chosen Nets’ single integration solution NAAS to provide access to account information in all banks in Norway and beyond, reports Jane Connolly.

“Taking an offensive position and leveraging PSD2 as a business opportunity is a top priority for the bank”

The revised Payment Services Directive (PSD2) requires banks to provide authorised third parties with access to accounts to provide account information and make paying bills easier.

By accessing accounts through banks’ PSD2 APIs, Nets Access to Account Services (NAAS) will enable Sbanken as a third party to develop innovative new services for its customers.

“Banking as we know it will change radically due to the new regulation,” says Frode Åsheim, head of corporate services at Nets. “Consumers and corporates will be able to access all their bank accounts in one place to have a better overview of their finances and it will facilitate development of new services that benefit everyone.”

Christoffer Hernæs, CDO at Sbanken, says: “Taking an offensive position and leveraging PSD2 as a business opportunity is a top priority for the bank, as most Norwegian customers on average use more than one bank.”

NAAS has built on Nets’ broad infrastructure by offering third parties the ability to connect to all banks via Nets, rather than connecting to each bank individually.

The firm says that it single integration service will allow third parties to offload internal IT resources and reduce the costs, complexity and time to market for new products and services.

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